Jeffrey Skatoff reports that, in Ginder v. Bank of America, the US District Court for the Middle District of Florida has concluded, in what may be a first in Florida, that a bank can be held liable for the failure to stop elder abuse arising from the draining of a senior’s bank account by an abuser.

Mr. Skatoff’s summary continues  as follows:

In Ginder v. Bank of America, 2015 U.S. Dist. LEXIS 25562 (M.D. Fla. 2015), Mrs. Ginder, an 81 year old woman, deposited her life savings into various Bank of America accounts.  Just prior to the exploitation described in the lawsuit, the account values were approximately $175,000. The alleged exploiter, Mr. Knight, portrayed himself as an employee of Bank of America and caused Mrs. Ginder to write checks and transfer funds to other people.

Mrs. Ginder alleged that Bank of America had opened suspicious activity reports on the accounts, but failed to notify her or to stop the activity.  Mrs. Ginder also alleged that her daughter had also been in contact with the bank and had warned them of the activity.

Read full summary at Bank May be Liable for Failure to Stop Elder Abuse.

 

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.